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Meaning and Definition of Micro Economics? - Economics

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Meaning and Definition of Micro Economics?

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Solution

Micro economics deals with the economic behaviour of various economic units in the economy, such as particular firms, particular households, prices of individual products, wages in particular industry, etc.

It studies the economic behaviour of individual firms, households, industry, product pricing and factor pricing as well as allocation of resources.

Thus it studies in detail about a tree and not the forest as whole.

Concept: Introduction and Features of Micro Economics
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